La Mancha sells chunk of Evolution

LA Mancha Group has sold a significant portion of its stake in Evolution Mining, but remains the gold miner’s largest shareholder.

La Mancha sells chunk of Evolution La Mancha sells chunk of Evolution La Mancha sells chunk of Evolution La Mancha sells chunk of Evolution La Mancha sells chunk of Evolution

La Mancha, owned by Egyptian billionaire Naguib Sawiris, now holds 20% of Evolution, down from 26.8% in September and 31% when the company initially became a shareholder via the sale of its Mungari operation to Evolution in mid-2015.

Citigroup sold 22.1 million Evolution shares overnight at A$2.81 per share, a 0.7% discount to yesterday’s close, for $62.1 million.

La Mancha understands the shares were mainly acquired by large institutions, including a number of existing shareholders.

The sale was part of the unwinding of an equity derivative collar financing and associated stock lending arrangement entered into by La Mancha and Citi last year.

Evolution had loaned 123.8 m...